Thailand’s Mermaid Subsea sets up Vietnam joint venture

Mermaid Subsea Services (Thailand) Limited, a unit of Bangkok-headquartered Mermaid Maritime, has established a joint venture in Vietnam with local marine contractor Tan Cang Offshore Services JSC (TCO).

The joint venture, Tan Cang Mermaid Subsea Services Company Limited, will have a paid-up capital of VND35.53 billion ($1.44 million), with each partner having a 50% stake, Mermaid Maritime said in a release.

Its operations will include remotely operated vehicle (ROV) services, vessel chartering, transportation and installation support services, and offshore subsea services.

TCO, a member of Saigon Newport Corporation founded in 2012, provides offshore vessel chartering, ROV, ocean towage and salvage, dredging, subsea, transportation and installation services as well as offshore asset decommissioning. Its primary activity is oil-related services and port exploitation.

Mermaid is a subsea and offshore drilling service provider for major oil and gas companies or their contractors. It has operational bases in Southeast Asia, the Middle East and the North Sea.

Mermaid has a Vietnam unit, based in Vung Tau town in the southern province of Ba Ria-Vung Tau, and a rep office in the northern port city of Hai Phong. It supplies life-saving appliances, firefighting equipment and other safety equipment for the wind, marine and offshore industries.